The high temperature insulation materials market is estimated to grow from USD 6.0 billion in 2019 to USD 8.9 billion by 2024, at a CAGR of 8.2% during the forecast period. The market is projected to witness decent growth due to the rising demand from various end-use industries. The increasing need for energy savings and reduction in emission levels and manufacturing cost is expected to boost the demand for high temperature insulation materials.

APAC is estimated to be the largest as well as the fastest-growing market for high temperature insulation materials. The growth is attributed to the development of end-use industries, such as petrochemical, ceramic, and glass, in the emerging economies of China and India. Rising population and urbanization, along with the growing concerns related to emission control, are some of the factors that are expected to drive the market in the region during the forecast period. Moreover, several high temperature insulation materials manufacturers, such as RHI Magnesita, ETEX, and Calderys, are investing and expanding their manufacturing facilities in this region to cater to the high demand from end-use industries.

Morgan Advanced Materials (US) is one of the leading players in the market. The company has been focusing on organic strategies, such as expansion and new product development, to maintain its leading position in the market. For example, in October 2019, Morgan Thermal Ceramics (thermal ceramics business segment of Morgan Advanced Materials PLC, UK) launched Superwool XT RA, which is an alkali metal silicate fiber. Superwool XT RA delivers the performance of refractory ceramic fiber (RCF) without EHS (environmental, health, and safety) concerns. Superwool XT RA does not form crystalline silica when exposed to high temperatures, which helps in maintaining the heat resistance capacity of the furnace. It is available in different forms, such as blankets, pyro-stack modules, paper, and unifelt. This new product launch is expected to drive the demand for high temperature insulation materials in petrochemical, ceramic, iron & steel, power, and other industries.

In April 2015, Morgan Thermal Ceramics set up a fiber manufacturing plant, with a capacity of 5,000 tons in the Khalifa Industrial Zone Abu Dhabi (Kizad), UAE. The establishment of this plant is a part of its expansion strategy to cater to the growing demand from the Middle East region.

Luyang Energy-Saving Materials (China) is one of the major players in the market. In October 2015, the company launched six products: alumina fiber blanket, composite module, backing board, soluble fiber blanket, chrome ceramic fiber blanket, and insulating firebrick, which are at par with internationally accepted standards of high temperature insulation materials. These products are used in major regions, such as APAC, Europe, and the Americas.

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